Bank of Korea will issue blockchain bonds

The Bank of Korea is working on its own blockchain-based bonding system and is looking forTechnologicalpartner to develop the platform.

Bank representatives said that technologyblockchain will eventually replace existing mechanisms for the exchange and accounting of bonds. The goal of the new project is to transfer bond transaction reports from the Korean Depository to the blockchain. According to bankers, such a system will increase work efficiency, as well as reduce management costs.

The system will work using nodes,managed by several senior financial and regulatory authorities in Korea, including the Korea Fair Trade Commission, the Bank of Korea, and other commercial banks.

One of the Central Bank managers said:

We use government bonds to record transactions in a distributed registry and test the possibility of creating a payment trading system.

According to the London-based law firm Withers$Rogers, South Korea has the largest number of blockchain patents.In second place in this ranking is Japan.

Based on materialscoingeek.com